[Raleigh, NC – April 2, 2024] - Raleigh Area Land Trust (RALT), a non-profit committed to providing permanently affordable homeownership opportunities for first-time homebuyers in Wake County, proudly announces securing $8.3 million in funding to construct the Cottages of Idlewild,18 affordable homes and rental opportunities for individuals and families at 50-80% area median income (AMI). 

Embraced by the City of Raleigh, the development will be Raleigh's first affordable cottage court, which will offer a unique housing solution characterized by clusters of small structures around a central court, enhancing community connectivity and inclusivity, featuring art and community installations

The need for the Cottages of Idlewild development is enhanced by the escalating housing crisis. According to NC REALTORS®, the median home sale price in North Carolina surged to $314,988 Q4 2023, from $201,000 in April 2020. This 37% increase underscores the urgency of addressing housing affordability, particularly in Wake County.

RALT is steadfast in its mission to bridge the homeownership gap by creating and preserving affordable housing for low- to moderate-income families. Employing a shared equity model for homeownership, RALT ensures affordability across generations, offering long-term stability for families and communities alike. 

The Cottages of Idlewild project is made possible through a unique public-private partnership with Raleigh Raised Development, Haven Design|Build, and the generous contributions of partners and donors. NC REALTORS® Housing Foundation has generously donated $150,000 to support RALT's affordable housing initiatives, while Tom and Pat Gipson and Gipson Family Foundation have contributed $125,000 towards creating accessible housing options for Wake County residents. Rental Partners, Wells Fargo Foundation, and Coastal Credit Union Foundation have also committed $100,000 as leadership partners in support of RALT's efforts to address the affordable housing crisis in Wake County. 

Kevin Campbell, Executive Director of Raleigh Area Land Trust, expressed gratitude, stating, "This funding represents a significant milestone for RALT and underscores our unwavering commitment to addressing the pressing issue of affordable housing in Wake County. With the support of our partners and donors, we are confident in our ability to make a tangible difference in meeting the housing needs of our community."

These contributions exemplify the collaborative efforts of RALT and its partners in pursuit of a common goal: combating the affordable housing crisis in Wake County. Through collective action and shared resources, RALT aims to foster a more inclusive and equitable community, ensuring that all individuals have access to safe and affordable housing options.

"We are proud to support RALT in its mission to provide affordable housing solutions for residents of Wake County," said Suzie Koonce, Lead Community Impact and Sustainability Specialist for Wells Fargo. “As the Bank of Doing, Wells Fargo takes action to put people and communities first. Doing goes far beyond the investments we make. It is the sum impact we have when we work together to tackle societal challenges.”

"At the Coastal Credit Union Foundation, we believe in the importance of affordable housing as a fundamental right for all individuals," said Creighton Blackwell, the Chief Impact and Public Affairs Officer, Chair of the Coastal Foundation, and longtime partner with the city of Raleigh. "We are committed to supporting organizations like RALT that are dedicated to making homeownership accessible to all members of the community."

In addition to celebrating this significant funding milestone, RALT is committed to building 100 homes over the next five years. RALT remains committed to engaging supporters and community members in its mission. Through ongoing outreach and awareness initiatives, RALT aims to amplify its impact and extend support to more individuals and families in need.

For more information about how you can give to Raleigh Area Land Trust and its affordable housing initiatives, visit https://www.ralt.org/.